Important news regarding FDIC insurance

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Important news regarding FDIC insurance

Posted November 30, 2012

Beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account will no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). As of January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum $250,000 deposit insurance amount for each deposit insurance ownership category. This change also includes Interest on Lawyer Trust Accounts (IOLTAs). For more information, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.